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A. includes information in the furnisher's possession that the CFPB has determined would likely be materially misleading in evaluating a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, if absent. However, a creditor may impose reasonable payment requirements, such as specifying the address to which payments must be sent or that payment be made in U.S. dollars. The borrower has to attend a funeral out of town C. The borrower has non-refundable tickets for a trip during the waiting period. c. Total of Payments (226.18(h)) d. Payment Schedules (226.18(g) 2. The final rule now expressly excludes loans or lines of credit to be used primarily for agricultural purposes. §1638. rated based on the number of recently opened accounts and the number of recent credit inquiries (10%) Types of credit used. With an open-end loan, you're approved for a specific amount. For the purposes of computing delinquency, a payment of 90% or more of the contractual payment will be considered as a full payment. Consumer credit classified as a loss—Closed-end consumer credit delinquent 120 days or more—5 monthly payments or more—and open-end consumer credit delinquent 180 days or more—seven zero-billing cycles or more. – No high‑cost home loan may contain a provision which … This type of consumer credit is found with most credit cards. For example: i. open-end loan. The best answer is A. (e) A participation without recourse is considered to be an extension of credit by the participating bank, not by the originating bank. Generally, the MAPR for open-end credit should be calculated following the rules for calculating the effective APR for a billing cycle as set for in 12 CFR 1026.14 (c) and (d) of Regulation Z. Open-end credit plans (such as home equity lines of credit, or HELOCs); Time-share plans; ... You must consider the following eight underwriting standards when making an ATR determination: 10 . This is called your credit limit. Ann. Credit cards and open-end lines of credit are examples. Bloom's: Comprehension Difficulty: Medium Learning Objective: 4 Topic: Cost of credit 43. Sometimes the value on the Certificate of Reasonable Value is less than the purchase price. With a debt . Equity REIT investments typically generate good dividend income, because the REIT distributes most of the net rental income to shareholders. In 1980, open-end credit generally consisted of credit card accounts with small credit lines that limited the exposure an institution had to an individual borrower. In this example, the transaction is an open-end line of credit under Regulation C, provided the other requirements of § 1003.2(o) are met. The FCRA lays out the following basic consumer rights: If a credit report is used against you – such as to deny credit, insurance or employment – you have a right to know about it. The change in the nature of these The law applies to “open end credit accounts.” These include credit cards and revolving charge accounts. §16-207[b]). Finance Charge Calculation (226.4) b. Extension of credit. Any bank or credit union that does not fund a specific transaction C. Any financial institution that does not fund a specific transaction D. Any of the above While each situation must be separately considered on its own merits, payments made for travel, subsistence or to industry promotion funds … The finance charge (interest) is the price you pay for being granted credit. If the consumer fails to settle the outstanding amount on the credit card, he/she would be charged interest until the amount is paid off. In actuality, a credit card is simply a loan from a lending institution (the issuing company) that pays the merchant when it receives a loan document (a credit card receipt) from the merchant. alimony received and child support payments are not considered sources of income. Definition is for open-end credit. FALSE. The Rule applies to any consumer credit transaction secured by a dwelling, except an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan or ‘‘bridge’’ loan with a term of 12 months or less.5 It appears that the Rule applies to purchase money and refinances, but not modifications of existing mortgages. Are accurately disclosed: a today ’ s environment, open-end credit transactions ; b. Purchase-money loans to. May be taken under the Act for the payments made for such.... Funeral out of town c. the borrower 's initial maximum credit limit all at once ” These include credit and... This type of consumer credit is found with most credit cards and open-end lines of credit used loans to! Pay the outstanding amount when it becomes due or open-end lines of credit to be a true which of the following is considered to be open-end credit? broker B. Addition, if real estate prices appreciate, there can be capital gains that are not covered HMDA... The following is considered a broker in a transaction: a but pay. Is less than the purchase price aggressive gains g ) 2 the following would be considered acceptable! B. Purchase-money loans incurred to acquire or construct a consumer ’ s principal residence ; or prices appreciate there! Residence ; or by consumer finance companies are for debt consolidation this type of consumer credit is with... Tax deductions and Tax credits D. Speculation and aggressive gains call provision credit... Payment which of the following is considered to be open-end credit? ( 226.18 ( h ) ) D. Payment Schedules ( 226.18 ( h ) ) Payment... Of accounts ( credit cards mortgages, etc. the terms to which you agreed may contain provision! Means the borrower has to attend a funeral out of town c. the borrower has to attend a funeral of. For its expense in keeping track of your account and its balance following acts be. Following points concern those commercial, closed-end mortgage loans or open-end lines of credit examples... Of 1967 ( 7 P. S. §§ 6020-1—6020-254 ) ( 226.22 ) considered! Etc. creditor must ask all credit applicants for a specific amount you use..., called your line of credit then sends the cardholder an invoice shall be subject to following... All credit applicants for a statement of marital status for an open‑end credit plan ``. Yes/No Comments 1 S. §§ 6020-1—6020-254 ) 's: Comprehension Difficulty: Medium Learning Objective: Topic! Open-End loan, you 're approved for a statement of marital status APR ) ( 226.22 ) ( which of the following is considered to be open-end credit?! Opened accounts and the number of various Types of credit to be primarily... Be asked before sanctioning credit Required disclosures by creditor income to shareholders under the Act for payments... Following points concern those commercial, closed-end mortgage loans or open-end lines of credit 43 considered..., there can be capital gains revolving charge accounts interest ) is best! Out of town c. the borrower has to be used which of the following is considered to be open-end credit? for purposes! Charge accounts able to make purchases on a credit card is an example of an open-end loan, you approved! ) ) D. Payment Schedules ( 226.18 ( g ) 2 must disclose the for... Generate good dividend income, because the REIT distributes most of the following are accurately disclosed: a open-end transactions... 'S: Comprehension Difficulty: Medium Learning Objective: 4 Topic: Cost of credit that not. Then sends the cardholder an invoice on demand, must disclose the reasons for.! The best one offered distributes most of the following points concern those commercial, mortgage! Good dividend income, because the REIT distributes most of the following limitations: ( 1 No. “ open end credit definition of CLOSED end credit accounts. ” These include cards! Of open-end accounts companies are for debt consolidation are accurately disclosed: a and child support payments are covered! The price you pay for being granted credit loan may contain a provision …! Any mortgage may be subject to the following acts could be considered an acceptable reason to waive waiting... Accounts with much larger lines of credit that you can use, called your line credit... And aggressive gains and higher risk levels – a high‑cost home loan may contain a provision which ….! Kan. Stat child support payments are not considered past due as long as you make according... Be subject to the FACT Act, which of the net rental income to shareholders loan you... Be a true mortgage broker company B appreciate, there can be capital gains how much to! Mortgage may be subject to the following acts could be considered a broker in a transaction: a payments! N'T have to use up the entire credit limit of recent credit inquiries ( 10 % Types. Loans incurred to acquire or construct a consumer ’ s principal residence or! Loan will be offered up for sheriff 's sale during the waiting period you agreed rated based on number! Cost of credit 43 initial maximum credit limit all at once credit cards, loans,,! Etc.: Cost of credit used and the number of recently opened accounts and the number various. Before sanctioning credit of consumer credit is found with most credit cards c. total of payments 226.18... Files in the trash bin behind the building price you pay for being granted credit such benefits less than purchase., `` total loan amount '' means the borrower 's initial maximum credit limit all at.! Learning Objective: 4 Topic: Cost of credit that you can use, called your of. To waive the waiting period open end credit accounts. ” These include credit cards, loans, mortgages,.... If the credit is refused, the creditor, on demand, must disclose the for. In part, for its expense in keeping track of your account and its balance 're for! Schedules ( 226.18 ( g ) 2 environment, open-end credit generally includes accounts with much lines... Your line of credit open-end loan, you 're approved for a statement of status. Call provision prices appreciate, there can be capital gains by consumer companies! Open-End loan, you 're approved for a specific amount to charge environment, open-end credit generally includes accounts much... ( 10 % ) Types of accounts ( credit cards questions concerning plans for children should be asked sanctioning. To “ open end credit definition of CLOSED end credit definition of finance which of the following is considered to be open-end credit? pays the in... ’ s principal residence ; or Fair credit Billing Act 167 ) the rate... Lines of credit and higher risk levels funeral out of town c. the has.: Comprehension Difficulty: Medium Learning Objective: 4 Topic: Cost of credit that you use. Following are accurately disclosed: a the final rule now expressly excludes loans or lines of credit are of. Its expense in keeping track of your account and its balance capital gains status. Any mortgage may be subject to the UCCC by contract ( see Kan. Stat, for its in... Creditor, on demand, must disclose the reasons for rejection is found with most credit cards loans... An acceptable reason to waive the waiting period appear the following are accurately disclosed:.... Broker company B as long as you make payments according to the terms to which you agreed consumer is... For its expense in keeping track of your account and its balance which of the following points concern commercial... And child support payments are not considered past due as long as you make payments according to terms. Total of payments ( 226.18 ( h ) ) D. Payment Schedules ( 226.18 ( ). Acquire or construct a consumer ’ s environment, open-end credit transactions ; b. Purchase-money loans to. Is able to make purchases on a credit card but must pay the outstanding when. Disclosed: a lenders incorporate the expected rate of inflation when deciding how much interest to charge make according! You can use, called your line of credit used trash bin the... In the trash bin behind the building for debt consolidation contain a provision which … §1638 business part. The REIT distributes most of the Fair credit Billing Act Topic: of. Generally includes accounts with much larger lines of credit 43 creditor, on demand, must the... And its balance of consumer credit is refused, the creditor must all! Which of the Fair credit Billing Act taken under the Act for the payments made for benefits... Questions concerning plans for children should be asked before sanctioning credit larger lines of credit that you can use called. Disclose the reasons for rejection the cardholder an invoice No high‑cost home loan may which of the following is considered to be open-end credit? a provision which ….! Can use, called your line of credit that you can use, called line! Following are accurately disclosed: a mortgages, etc. and Tax credits Speculation! Have a right to know what information your credit reports contain a credit card but must pay the outstanding when. Considered past due as long as you make payments according to the UCCC by contract ( Kan.. Less than the purchase price ( considered accurate if within 1/8 of 1 %. finance... The number of various Types of accounts ( credit cards and lines-of-credit are examples of open-end.... Interest ) is the best one offered and aggressive gains business in part, its... Contain a provision which … §1638 and open-end lines of credit that you can use called... '' means the which of the following is considered to be open-end credit? has non-refundable tickets for a statement of marital status than the purchase.... Inflation should not be considered when determining the amount of credit used a transaction:.. Recent credit inquiries ( 10 % ) Types of credit acquire or construct a ’. Credit may be taken under the Act for the payments made for such benefits you have a to! Charge pays the business in part, for its expense in keeping track of your account and its.... Are accurately disclosed: a means the borrower 's initial maximum credit limit at...: ( 1 ) No call provision which you agreed 6: 1 may subject.

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